Maldives main bank breaks MVR 1 billion barrier in net profit

With a spike of 61 percent in net profit last year, the Maldives’ main bank has recorded a staggering profit of MVR 1 billion, marking the first time a public limited company broke the MVR 1 billion net profit barrier in the Maldives.

According to Bank of Maldives Ltd (BML)’s financial report of 2016 which was released Thursday, the bank earned a total revenue of MVR 2.1 billion last year and a net profit of MVR 1.02 billion sans taxes.

BML’s net profit for the year 2015 was MVR 634.6 million.

BML financial highlights of 2016

Total revenue – MVR 1.02 billion

Revenue from interest – MVR 1.3 billion

Operating profit – MVR 1.8 billion

Operating costs – MVR 449.4 million

Revenue from foreign exchange – MVR 52.6 million

Profit without tax cut – MVR 1.3 billion

Taxes from profit – MVR 340.4 million

Profit per share – MVR 190

In a press release Thursday after publishing BML’s audited financial statement and annual report, the bank declared that statistics show that BML’s financial gain and all trade sectors had significantly progressed in the past year.

According to the bank’s press release, the amount of loans released last year had increased while unproductive loans were reduced by nine percent. BML also declared that the bank’s capital and liquidity ratio is currently maintained above the standard ratio stipulated by law.

With these results, BML announced that the bank will raise its dividend stock to MVR 108 million at a rate of MVR 20 per share. This is an increase of 18 percent from 2015.

BML also highlighted that the company invested MVR 150 million from its profits last year to enhance its services, and for infrastructural development and corporate social responsibility (CSR) programs. Among the investments are four new BML branches and ten self-service banking centres newly established across the archipelago.